Interest Rates Increase The IRS has announced that interest rates will increase for the third calendar quarter of the year, beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate… Read More
Educator Expense Deduction to Increase For the first time since it was enacted in 2002, the special educator expense deduction limit has increased from $250 per year to $300 per year. The increase begins in 2022, so out-of-pocket classroom expenses for the current year can be claimed in the deduction when filing 2022 federal income… Read More
Protect Personal Information The IRS is urging people to stay vigilant in securing their online devices against online scams. Taxpayers and tax professionals can help protect against identity theft and other fraud by safeguarding personal data, keeping personal information private, using strong passwords and secured wireless networks, recognizing phishing emails, and using security software. It… Read More
As we end our tax advance in March, we are transitioning to the last half of the tax season. Many of our customers in the last part of the tax season are bringing complicated returns, high tax bills, and other special scenarios. If this is you, Melynda Rushing and Danielle Hoyles are ready to help… Read More
The Republic Bank Easy Advance program is one of our most popular tax products. As a loan against your tax return, you get access to up to $6,000 of your tax return in as little as 24 hours. The loan and finance charges are paid off via your tax return when you receive it. For… Read More
Tax Help FAQs Tax filing this year is a bit more complicated, with the American Rescue Plan Act (ARPA) of 2021 which expanded the Child Tax Credit for last year only. Advance payments mean more paperwork for those who received them, and potentially repaying excess amounts, or claiming credit for remaining unpaid amounts. The IRS… Read More
Special Charitable Tax Deduction The IRS and nonprofit groups remind taxpayers that there is a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 tax return. Under the temporary law, taxpayers don’t need to itemize deductions to take advantage of this pandemic-related rule; individuals can deduct up to… Read More
National Tax Security Awareness Week The IRS and Security Summit partners spent a week sharing information with taxpayers and tax professionals about security risks and how to minimize them. Day 1: Tax scams and identity theft – identifying phishing and tax scams, protecting devices with security software and protecting your sensitive information. Day 2: Fake… Read More
New Tool for U.S. Withholding Agents The IRS has launched a new online tool designed to help withholding agents comply with their responsibilities with respect to Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. Agents such as insurance companies, universities, entertainment venues, and banks and other financial institutions must file an information return… Read More
Foreign Bank/Financial Reports Due The IRS is reminding citizens, resident aliens, and other entities that the extension deadline to file their Foreign Bank and Financial Accounts Report (FBAR) is October 15, 2021. Automatic extensions were granted to filers who missed the annual April 15 due date earlier this year. FBARs are required to be filed… Read More